Ask question

Ask question

All categories

3 years ago

5

6. Assume your employer provides health care insurance and deducts your portion of the premiums from your paycheck with pre-tax

dollars. Are your health insurance premiums federally tax deductible?

1 answer:

umka21 [38]3 years ago

6 0

No They aren't federally tax deductible :)

You might be interested in

A company began the year with assets of $117,000, liabilities of $28,500, and stockholders' equity of $88,500. During the year a

algol [13]

Answer:

Change in liabilities = $33,300

Explanation

<em>According to the accounting equation, assets is equal to liabilities + equity. And this equation can be re-written as:</em>

Liabilities = assets - equity

Liabilities at the end of the period = assets at the end - equity at the end

Assets at the end= 117,000 + 56,700= 173,700

Equity at the end = 88,500 + 23,400 = 111,900

Liabilities at the end = 173,700 - 111,900=61800

Change in liabilities = Liabilities at the end - Liabilities at the beginning

Change in liabilities = 61,800 - 28,500= $33,300

8 0

3 years ago

Which of the following is an example of economic globalization?

andreev551 [17]

D) a Japanese stores selling tea and spices from South Asia

4 0

2 years ago

A depreciable asset has an estimated 15 percent salvage value. At the end of its estimated useful life, the accumulated deprecia

8090 [49]

Answer:

B

Explanation:

Depreciation is the uniform decrease in the value of an asset over a period until the salvage value is reached.

It is given by :

Annual depreciation expense = (cost of asset - salvage)÷ useful life of the asset

Therefore the accumulated depreciation would not equal the original cost of the asset at the end of its estimated useful life because the salvage value will be deducted from cost of asset under declining-Balance.

7 0

3 years ago

On January 1, 2020, Hat Trick Manufacturing exchanged some equipment for a $750,000 zero-interest-bearing note due on January 1,

Marina86 [1]

Answer:

61,198.47

Explanation:

First we solve for the present value of the note receivables at January 1st, 2021 As we are asked for the interest revenue on the 2021 incoem statment

$\frac{Maturity}{(1 + rate)^{time} } = PV$

Maturity $750,000.00

time 2.00

rate 0.10000

$\frac{750000}{(1 + 0.1)^{2} } = PV$

PV 619,834.7107

now, we calcualte the interest considering the 10% implicit interest

619,834.7107 x 0.10 = 61,198.47

This will be the interest revenu for the year 2021

4 0

3 years ago

Diwali Airlines has a contract that gives them the opportunity to purchase up to 10,000,.000 jet fuel at $2.00 per gallon. The c

Ad libitum [116K]

Answer:

Option (D) is correct.

Explanation:

Diwali Airlines has a contract,

Given that,

There is an opportunity to purchase jet fuel upto = 10,000,000 gallons

Price = $2 per gallon

Current market price of jet fuel = $2.26 per gallon

The value of this opportunity:

= Jet fuel needed × (Current market price - $2)

= 6,000,000 gallons × $0.26

= $1,560,000

8 0

3 years ago